Consumer goods giant Procter & Gamble Co. (PG) on Friday reported a four percent increase in profit for the fourth quarter from last year, driven by net sales growth across its operating segments, partially offset by a reduction in operating margin.

Both revenue and core earnings per share for the quarter beat analysts’ estimates. Looking ahead, the company initiated core earnings and revenue growth guidance for the full-year 2022, in line with expectations.

“We delivered another year of strong results with balanced top and bottom-line growth and strong cash generation, exceeding each of our in-going targets,” said David Taylor, Chairman, President and Chief Executive Officer.

Net earnings attributable to P&G for the quarter rose to $2.91 billion or $1.13 per share from $2.80 billion or $1.07 per share in the prior-year quarter.

Core earnings per share for the quarter were $1.13, compared to $1.16 per share last year. On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $1.09 per share for the quarter. Analysts’ estimates typically exclude special items.

Net sales for the quarter rose 7 percent to $18.9 billion from $17.70 billion in the same quarter last year. Analysts had a consensus revenue estimate of $18.36 billion.

Excluding the net impacts of foreign exchange, acquisitions and divestitures, organic sales also increased 4 percent.

“As we look forward to fiscal 2022, we expect to continue to grow top-line and bottom-line and to deliver another year of strong cash return to shareholders despite a challenging cost and operating environment,” Taylor noted.

Looking ahead to fiscal 2022, the company initiated guidance for core earnings per share growth in the range of 3 to 6 percent from the base fiscal 2021 core earnings of $5.66 per share. This implies core earnings in a range of $5.83 to $6.0 per share.

The company also projects annual all-in sales growth and organic sales growth in the range of 2 to 4 percent.

The Street expects the company to report earnings of $5.93 per share on revenue growth of 3.4 percent to $78.13 billion for the year.

Additionally, P&G said it expects to pay over $8 billion in dividends and repurchase $7 billion to $9 billion of common shares in fiscal 2022.

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